If a Plant Asset Is Retired Before It Is Fully

question 85

Multiple Choice

If a plant asset is retired before it is fully depreciated and no salvage value is received

• A) a gain on disposal occurs.
• B) a loss on disposal occurs.
• C) either a gain or a loss can occur.
• D) neither a gain nor a loss occurs.

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Definitions:

Bourbon Reforms

A series of 18th-century administrative and economic measures implemented by the Spanish Crown to improve the efficiency and profitability of its colonies.

Colonial Revenues

Financial income or resources generated for a colonial power through the administration and exploitation of its colonies, often involving trade, taxation, and natural resources.

Spanish Colonies

Territories in the Americas, Africa, Asia, and Oceania that were once part of the Spanish Empire, where Spain established its culture, religion, and governance.

Creoles

Originally referring to people of pure or nearly pure Spanish descent born in the Americas, the term has evolved to encompass various regional meanings, including mixed European and black descent in the Caribbean and Louisiana.